Greece to meet creditors as eurozone exit looms

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Greece to meet creditors as eurozone exit looms

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Greece is moving back to centre stage of the eurozone crisis as Athens prepares to meet its troika of international lenders.

The troika made up of the European Commission, the European Central Bank and the International Monetary Fund will determine whether Greece has implemented enough reforms and budget cuts to get more help.

EU Commission spokesperson Antoine Colombani hinted that Greece is failing to meet its commitments whe he said: “The decision on the next disbursement will only be taken once the ongoing review is completed. Over the last few months, significant delays in programme implementation have occurred.”

Greece has received two bailouts totalling 290 billion euros, but the country’s economy remains swamped. New Prime Minister Antonis Samaras has called for more time to meet the conditions.

Germany has no appetite for such a move and other eurozone states are reluctant to lend more cash.

If the Greeks request more time the bill could go up by a further 40 to 50 billion euros.

If Greece fails to get more bail out money it will default and possibly leave the euro.

The unthinkable is creeping ever closer to reality.